Member Privilege is a discretionary overdraft service, requiring no action on your part, which provides you a safety net up to an automatically assigned overdraft limit. Your Member Privilege limit may be available for checks and other transactions made using your checking account number or automatic bill payment and recurring debit card payments. Also, at your request, we may authorize and pay ATM transfers or withdrawals and everyday debit card purchases using your limit.
How does Member Privilege work?
As long as you maintain your account in “good standing,” we may approve your overdraft items within your current available Member Privilege limit as a non-contractual courtesy.
For overdraft privilege consideration, your account is in “good standing” if you (1) make sufficient deposits to bring your account to a positive end-of-day balance at least once every 30 calendar days (including the payment of all credit union fees and charges); (2) avoid excessive overdrafts suggesting the use of Member Privilege as a continuing line of credit; and (3) there are no legal orders, levies or liens against your account.
Please note that the amount of the overdraft plus our paid item OD fee of $20 for each item will be deducted from your overdraft limit. If the item is returned, the returned item NSF fee of $20 will be deducted from your account. No interest will be charged on the overdraft balance.
What does Member Privilege cost?
There is no additional cost associated with this privilege unless you use it. You will be charged our paid item OD fee of $20 for each overdrawn item created by a traditional paper-based check, a teller withdrawal, an automatic payment (ACH) transaction or a recurring debit card payment. Also, if you have requested us to do so, we may authorize and cover ATM transfers or withdrawals and everyday debit card purchases.
For example, three paid items in one day will result in $60 in paid item OD fees. To help you manage your account, the total fees you have paid for items (both paid and returned) during the current month and for the year-to-date will be reflected on your monthly checking statement.
What is my Member Privilege limit? If I have two checking accounts, can I get Member Privilege on both?
The standard Member Privilege limit is $400, but can be lowered based on excessive usage or negative account history. If you have multiple accounts for your household, you may have a limit on each eligible account.
How quickly must I repay my Member Privilege?
You should make every attempt to bring your account to a positive end-of-day balance as soon as possible, and must do so within 30 calendar days. If you are not able to do so, you will receive a letter from Inner Lakes FCU informing you that your Member Privilege limit has been suspended and additional items will be returned.
How do I know when I use the overdraft limit?
You will receive an overdraft notice each time items are paid, including fees. You will need to subtract the total fees when balancing your checkbook.
What are some of the ways I can access my Member Privilege limit? Will my limit be reflected in the balance I receive?
The chart below shows the different ways you can access your Member Privilege limit and indicates whether or not this limit will be reflected in the balance provided.
ACCESS POINTS
Is my Member Privilege limit available?
Does the balance provided reflect my Member Privilege limit?
Teller
Yes
No
Writing A Check
Yes
N/A
Debit Card (recurring)
Yes
N/A
Debit Card (everyday)
No
N/A
ATM Withdrawal
No
No
ACH – Auto Debit
Yes
N/A
Online Banking
Yes
No
Bill Pay
Yes
N/A
Telephone Banking
Yes
No
What if I go beyond my Member Privilege limit?
Overdrafts above and beyond your established Member Privilege limit may result in checks or other items being returned to the payee. The returned item NSF fee of $20 will be charged per item and assessed to your account. An NSF notice will be sent to notify you of items paid and/or returned.
How soon can I use my Member Privilege?
If you are a new member, you may be able to use the overdraft service 30 days after your account is opened, assuming your account is in “good standing”.
